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Poverty, Education And Economic Growth: A Case Study Of Western Balkan Countries

Author

Listed:
  • BANDA, Iges

    (Epoka University, Tirana, Albania)

  • WILLIAMS-ADEYANJU, Zainab

    (Epoka University, Tirana, Albania)

  • SKRAME, Dea

    (Epoka University, Tirana, Albania)

Abstract

Earlier studies have shown the impact of education in poverty alleviation and the attainment of economic growth in developed economies. This paper analyses the effect of poverty and education on the economic growth of Western Balkan countries: Albania, Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, Republic of North Macedonia and Serbia. Both quantitative and qualitative methods were used in the analysis (graphical analysis, descriptive statistics and EViews econometric model). The data were sourced from World Bank for the period between 1990- 2020 and findings from the econometric model show an inverse relationship between poverty and economic growth and a positive relationship between education and economic growth in Western Balkan countries. The results further buttresses the need for better investment in education in order to improve the skills of the labor force, boost productivity and invariably bring about sustainable economic growth.

Suggested Citation

  • BANDA, Iges & WILLIAMS-ADEYANJU, Zainab & SKRAME, Dea, 2022. "Poverty, Education And Economic Growth: A Case Study Of Western Balkan Countries," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 10(1), pages 30-43, October.
    • Handle: RePEc:vls:rojfme:v:10:y:2022:i:1:p:30-43
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    References listed on IDEAS

    as
    1. Breunig, Robert & Majeed, Omer, 2020. "Inequality, poverty and economic growth," International Economics, Elsevier, vol. 161(C), pages 83-99.
    2. Maham Furqan & Haider Mahmood, 2020. "Does education reduce homicide? A panel data analysis of Asian region," Quality & Quantity: International Journal of Methodology, Springer, vol. 54(4), pages 1197-1209, August.
    3. Mthuli Ncube & John C. Anyanwu & Kjell Hausken, 2014. "Inequality, Economic Growth and Poverty in the Middle East and North Africa (MENA)," African Development Review, African Development Bank, vol. 26(3), pages 435-453, September.
    4. Morrison, Andrew & Raju, Dhushyanth & Sinha, Nistha, 2007. "Gender equality, poverty and economic growth," Policy Research Working Paper Series 4349, The World Bank.
    5. Hyun H. Son & Nanak Kakwani, 2004. "Economic growth and poverty reduction: initial conditions matter," Working Papers 2, International Policy Centre for Inclusive Growth.
    6. Mthuli Ncube & John Anyanwu & Kjell Hausken, 2014. "Working Paper 195 - Inequality, Economic Growth, and Poverty in the Middle East and North Africa (MENA)," Working Paper Series 999, African Development Bank.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Poverty; Education; Economic Growth; Western Balkan; Income inequality;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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